Quick take:
Cube Labs will oversee and contribute to the development of a new consumer-focused blockchain tailored for the mass adoption of users to Web3.
Igloo said that the project is incubated under the not-for-profit Abstract Foundation and is set to launch on testnet soon.
Abstract will offer technology that makes the process of developing decentralised apps easier, cheaper, and safer.
Igloo Inc, the organisation behind the popular Web3 project Pudgy Penguins has raised $11 million for a new venture, Cube Labs. The funding was led by led by Founders Fund with participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, the company said in a press material shared with NFTgators.
According to the announcement, Cube Labs will oversee and contribute to the development of a new consumer-focused blockchain called Abstract.
Incubated under the not-for-profit Abstract Foundation, Abstract will offer technology that makes the process of developing decentralised apps easier, cheaper and faster, features that Igloo deems necessary for building massive crypto communities.
Michael Lee, a veteran technology and web3 executive who previously led growth for ZKsync and launched games for Activision Blizzard’s 400+ million players is the co-inventor and CEO of Abstract. He believes that the technology will “open up a new world of possibilities for crypto-native developers and global brands,” which will ultimately create a dominant crypto-consumer platform.
“We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect and play,” Lee said.
Commenting on his firm’s leading role in the fundraising, Joey Krug, Partner at Founders Fund highlighted Pudgy Penguin’s low cost-to-user adoption rate in the crypto space and how they have leveraged the brand to grow Abstract as a shrewd way of onboarding users to the new platform organically.
“They’re leveraging this to grow Abstract, a consumer L2 focused on making on-chain experiences mainstream. By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto,” added Krug.
Abstract is engineered by some of the notable web3 builders including Cygaar, 0xbeans and stinkypablo. The product leverages the popular zero-knowledge (ZK) cryptography, which enables low-cost, fast, and secure transactions on the blockchain.
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The post Pudgy Penguins Creators Raise $11M to Build New Consumer-Focused Blockchain appeared first on NFTgators .